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Old 23.02.2017, 12:31
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Transfer Wise vs. Currency Fair vs. Currencies Direct

Sharing this as it might be of interest to someone else trying to find out which currency transfer company gives the best rate.
I transferred 700 francs from my cantonal bank account to my Barclays UK account with each to see which would do best.
I chose 700 as £500 is about the level where these exchange companies start applying serious money rates.
Unfortunately currency fair were a total pita with sign up so I had to split it into two rounds.

Scores rounded to the nearest 50p.


Round 1: Currencies Direct vs. Transferwise

Transfers initiated in the early afternoon of the 15th (so my bank processed it on the 16th). Both arrived on the 17th- Currencies Direct a little faster.
CD score: £551 - 6chf transfer fee I had to pay on my end
TW score: £559


Round 2: Transferwise vs. Currency Fair

Transfers initiated on the evening of the 21st (so my bank processed it on the 22nd). Both came on the 23rd, TW a hour or two earlier.
TW score: £553
CF score: £551.50


So there we have it.
In spite of all the bad press about them fudging their numbers...it seems Transferwise is indeed the best, though Currency Fair isn't so much worse that its worth switching if you're already on them.

Money saving expert is wrong.

Last edited by josquius; 23.02.2017 at 12:51.
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Old 23.02.2017, 12:35
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Re: Transfer Wise vs. Currency Fair vs. Currencies Direct

IB is the best. At least for larger amounts, $700 is just pocket change

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Money saving guide is wrong.
I don't know what guide you're talking about, but if it only talks about forex and nothing about stocks, real estate, business and taxes, it is totally utterly wrong indeed.
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Old 23.02.2017, 15:33
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Re: Transfer Wise vs. Currency Fair vs. Currencies Direct

I assume you used Currencyfair on "instant" mode, not on "chose your own rate".

The flexibility of Currencyfair is higher, especially if you look into all the options they offer.

If you prefer ease-of-use, TW will be better for you.

I wouldn't call any of this "right" or "wrong", it lies in the eye of the beholder.
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Old 24.02.2017, 10:26
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Re: Transfer Wise vs. Currency Fair vs. Currencies Direct

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IB is the best. At least for larger amounts, $700 is just pocket change
I recently converted 40k CAD to EUR. Transferwise charged a total margin+ fee of 0.7%. Their online assistances was fine, and the money was transfered in a couple of days (I think it is slower for Canada, than for interEurope transfers)

The best I found from other currency transfer operations was 1.4%.

bb
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Old 24.02.2017, 12:12
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Re: Transfer Wise vs. Currency Fair vs. Currencies Direct

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I recently converted 40k CAD to EUR. Transferwise charged a total margin+ fee of 0.7%. Their online assistances was fine, and the money was transfered in a couple of days (I think it is slower for Canada, than for interEurope transfers)

The best I found from other currency transfer operations was 1.4%.

bb
Captrader (IB partner) is 0.003%, min 3.75 CAD
https://www.captrader.com/de/konto/konditionen/

IB is less, sorry I'm too lazy to login to get a quote
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Old 24.02.2017, 14:30
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Re: Transfer Wise vs. Currency Fair vs. Currencies Direct

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Captrader (IB partner) is 0.003%, min 3.75 CAD
https://www.captrader.com/de/konto/konditionen/

IB is less, sorry I'm too lazy to login to get a quote
At a 0.003% quote, it isn't just less - it is basically free. A 100k currency exchange would cost only $3.75 A $1m exchange would cost $30.

How do they make any money? There must surely be a fee or something?
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Old 24.02.2017, 14:40
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Re: Transfer Wise vs. Currency Fair vs. Currencies Direct

It's simply a real broker

Some downside I think is minimum account balances and they probably would like you to see you trading every now and then, not just do a one off conversion. IB charges $10/month if you don't trade and don't hold at least $100k stock with them. Captrader should be less strict AFAIK. Also transfers out aren't free, you get one free transfer per month with IB. And transfer in incur some bank fees as it's to abroad.
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Old 24.02.2017, 14:50
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Re: Transfer Wise vs. Currency Fair vs. Currencies Direct

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Captrader (IB partner) is 0.003%, min 3.75 CAD
https://www.captrader.com/de/konto/konditionen/

IB is less, sorry I'm too lazy to login to get a quote
If you could please give us an example for IB I would be grateful.
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Old 24.02.2017, 23:24
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Re: Transfer Wise vs. Currency Fair vs. Currencies Direct

Here are a few quotes I pulled just now within a couple of minutes. Each conversion below about 100k comes out to about 2-2.5 Fr in IB's own commission plus market bid-ask spread. Spread is about 0.001-0.002% for EUR/CHF in my quotes and as you can see rates varied a bit in every example. It's all basically at the level of minute rate volatily. If you have more than a few thousands to convert you have much more to gain or lose by trading at the wrong time of the day or even hour, so there's no point to even think about them unless you're into forex day trading.

IB's CHF account is in UK, wire transfer to it will not be free as it is abroad, so add your bank's wire fee to the cost. Cheapest I've been charged was 2 Fr (swissquote and cantonal banks). Or transfer EURs, it's free with SEPA at most banks, although not all.
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Old 20.03.2017, 21:23
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Re: Transfer Wise vs. Currency Fair vs. Currencies Direct

Can I use Currency Fair to change currency without transaction abroad, i.e. from one my account to another at the same bank? Thanks
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Old 23.03.2017, 13:35
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Re: Transfer Wise vs. Currency Fair vs. Currencies Direct

Can I use Currency Fair / Transfer Wise to change currency without transaction abroad, i.e. from one my account to another at the same bank within CH ?

Thanks

Last edited by sva; 23.03.2017 at 13:36. Reason: data
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Old 23.03.2017, 13:38
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Re: Transfer Wise vs. Currency Fair vs. Currencies Direct

If you're referring to, for example, from a Swiss-held CHF account to Transferwise/Currencyfair, and then back to a Swiss-held EUR account?

Yes, possible, I did that myself, it works.
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Old 29.05.2017, 04:48
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Re: Transfer Wise vs. Currency Fair vs. Currencies Direct

I agree that IB is the cheapest but it is great for recurring huge transactions. For people doing one off/sporadic transactions, IB doesn't work.
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